How to trade bitcoin

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Si saysI am seeing two ways to do micro-transactions at Thinking Live™ sites.

People use real bitcoins which we allow them to spend over an integrated Lightning Network connection. These people would be responsible for managing their own bitcoin wallets … and thus assume all risk of currency exchange rate fluctuations as well as manage their own purchase and cashing out of bitcoins. Having this method available for micro-transactions would be a prime advertising point and would draw people to the site as this would be a real site like Y’Alls pretends to be.

Offer Thinking Coins™. These would be our own internally traded coins which people buy in batches of say at least $5.00 using traditional credit card methods and services such as paypal and square and even Bitcoin. Thinking Coins™ would always have American currency value but would be divisible by less than 1 cent when used on Thinking Live™ sites. People could cash out their thinking coin wallet at any time (rounded down to the nearest cent) by simple reverse charge to the credit card used to buy them (or another card) or bitcoin. For those without a bitcoin wallet, Thinking Coins™ will be a super easy alternative allowing them to use micro-transactions to purchase information and services with a standard credit card and without having to do a card transaction for every article read etc.

Clearly Thinking Coins™ would only be as reliable and secure as our software and intention makes them. But since the amounts will be small, most people spending less than $1.00 a day and keeping only $20.00 or less in their Thinking Coin™ wallet (there could be a low limit), the higher risk will will be offset by the ease of use and ability for authors to get paid for content.

An interesting side effect of this is that our Thinking Live™ site could in fact become a low cap virtual Bitcoin exchange where people trade Thinking Coins™ for Bitcoins peer to peer, no actual Bitcoin buying or selling needed on public exchanges (which is one of the methods listed in How to Trade Bitcoins ). Hence people would not only come to Thinking Live™ sites to buy and sell information and services, but also as a Bitcoin trading site (where we would charge a micro fee for trades). Really plugging into the micro cash flow potential here.
#bitcoins #ThinkingCoins #Monetize

Mark de LA saysThe challenge here is having something interesting which people want to read & even more something that people want to contribute to. (see Patreon is another avenue similar to crowd funding)
Making one’s own coin unless it is just a coupon should require someone mining it – that too is a popularity thingy.
A bit condescending, DUDE!

Si saysI don’t think mining is necessary. I think that is just one of those ideas people got stuck in their heads about how to tie the physical with the non-physical about the issue. The basics are simple. People want to read things and they would be willing to pay micro amounts to do it and would even feel good about the contribution part of it.

And it doesn’t even have to be all that interesting. Look at the stuff on Y’Alls site. It’s mostly gibberish, yet I could find quite a few things there I would have paid one real cent to uncover if were easy and that is all it cost me.

Build the mechanism and they will come and they will pay micro amounts that add up. It’s really just that simple. No need to read more into it or make it more complicated. People have been doing this basic thing for eons in various forms. Just the fact that a person has to pay for it makes people think it is valuable all by itself … and that it cost them something so small to find out is infinitely easy to justify … and people will keep doing it … some way beyond their means, but that is not someone else’s problem to worry about. Give a person a dollar to spend and a place to spend it and over 90% of them will spend it all quickly … and come back for more every day … spending their own dollars without a thought. Hey, that’s a great idea. Give away free coins (spendable only at Thinking sites) in a sweepstake every day … lots of them … prime the pump so to speak.

Si saysI understand bitcoin and mining now. Read all about it. The mining concept is unique, but not useful. Just because people are doing something doesn’t automatically make it a useful idea, no matter how many people have bought into the idea or thought critically about it. Some ideas simply have cluttered premises, and this is one of those. It is based on the idea that generating value requires physical effort. That was an apparent idea about the concept of money in a legacy sense. We only need ask, it is useful to our purpose here? It simply is not. Keep things simple. Use what works. If someone’s idea helps, use it. If it gets in the way, move on.

Mark de LA saysIf there is no value in the currency such as the test stuff then it is just an exercise for a programmer, not interesting to me.

Si saysI was never talking about the test stuff. I am talking about real pennies. There is value in them, and people will be willing to spend a penny to see what is hidden. That’s human nature.

And then I added we can give some away for free to prime the pumps (have agreements with authors to cover those coins … cover them as advertising expences … etc).

Mark de LA saysSo it is just a layer above credit cards similar to paypal adding extra charges to the network traffic.

Si saysIn that sense yes. What is newly possible is micro payments combined with not having to do a whole credit card transaction for every single payment. That it is about bitcoin is really just a sales draw gimmick as well as a way for people to easily trade their bitcoins (like any of those now existing physical or virtual parlors where people can do such trades.)

The end goal is to get people to pay pennies to see things and funnel most of that back to the authors and take a percentage for running the site. Any way that accomplishes that and is easy for people to do will work.

Mark de LA saysAt some time a CC is going to have to be paid xor charged …. (not mine!) pennies are not worth it. Just create a ledger that pays people off in points until the central ledger acquires a positive balance worth doing something with (…. oops that’s Bitcoin or Etherium) .

Si saysHow I said to cover that above is to allow people to buy $5.00 in Thinking Coins™ at a time. We don’t even have to handle or store the credit cards, paypal, or square can do that. Or people can buy them with bitcoins. Few people will balk at spending $5.00 so that they can then spend pennies to read things. And if people want to use a bitcoin wallet over the Lightning Network to spend the pennies, why not?

Mark de LA saysSo who processes the CC ? Some currency → IN before some currency OUT →

Si saysWell I keep saying that every time. Either paypal, or square, or use a bitcoin wallet. Standard stuff I have been setting up at websites for over 20 years now.

Si saysDepends on which. Both square and paypal have small percentages … which are usually just passed on to the consumers. It’s normal business as usual on the internet. People buy and sell millions of dollars of things every hour (don’t know if you do or not, but people do, including me).

Mark de LA saysStill your condescending persists.💥

Si saysI have no idea what that means. This is a cool idea. What’s your beef?

Mark de LA saysLike I said I have already expressed it. Go ahead & try it out in your own special group (xor domain) without fucking up the rest of fastblogit & without connecting it to my CC and … might first try to get some extra users to make it work unless you want to cycle yourself. There is a $10 limit I put on the app use as per your suggestion.

Si saysBasically. There is no need for any special groups. I have no idea what you mean by fucking up the rest of fastblogit either. Why would your credit card having anything to do with it? And yes, the $10 limit looks good and is a nice safety though if we get near it we will surely be making plenty.

If you are not interested in making money, what’s the idea of studying Bitcoin use?

Si saysI’m just answering your questions which I already answered, to be helpful, and telling the truth. I have no idea why you are condensending things.

Mark de LA saysIf you change the software & make every comment/entry subject to your monitization it will slow stuff down. I study Bitcoin because I like studying Bitcoin. One good reason is it could slowly make the economy independent of governments some day.
Without customers and users in the hundreds there is no money to be made at fbi. Twitter, facebook, & a hundred other sites prove that people will read & write stuff for free. Y’alls only intrigued me a bit because of a passing interest in the Lightning network. Kinda like slashdot which I lost interest in long ago – they write for brownie points. Slashdot: https://slashdot.org/index2.pl?fhfilter=blockchain

Si saysThe main issue I see is that the majority of the stuff written at the FBI is unsuitable for public viewing. We can segregate that stuff out now by domain name. So the only real issue becomes deciding on a domain name, other than fastblogit.com, to bring consumers to. I own several, you own several, Seth owns several, that are not being used. Could use any of those or another.

Si saysI can’t see how anything I could do would “make every comment/entry subject to your monitization it will slow stuff down”. Not sure what you are thinking. I haven’t said anything that would end up like that. Any author can choose what thoughts they want to monetize … and how would that slow anything down at all?

People are already and naturally becoming independent of governments … but yea, things like Bitcoin are one of the many outgrowths of that happening. It’s cool you like to study it. I see a real potential here … one where we happen to be ideally posed to get in on the ground floor of a new wave of profitability happening on the internet … even before anyone else has actually started doing it but only doing it in test mode. That’s a rare opportunity, and few others are better placed to take advantage of it like we are!

Si saysYou have hinted (even on this page) that you don’t like to use your credit card online. That’s all I am referring to. I don’t know what you do … do you want me to assume I do?

Mark de LA saysI have nothing particularly unsuitable. I am what I am. There are some things I use as a journal which I prefer to keep private like a diary. That is designed into the existing fbi.

Mark de LA saysNot so. I use my credit cards online a lot. I don’t want to pay for side diversions AND I don’t want my credit card used as part of the funnel between a user posting/reading a monetized post.

Si saysI can’t say the same. Every other person who has seen what is written here has given me the basic feedback that it makes them want to barf. It’s my only requirement … that before anything is done to draw real people to this venue, that they will not be subjected to the rest of the unsuitable content at the FBI. I would not stop anyone from coming here if they want to … but I would not force what is here on anyone by virtue of them wandering into it without knowing what they are doing.

Mark de LA saysDepends a lot on how much processing is required to service monetization when integrated.

Mark de LA saysYou must know a lot of close-minded people or Mary Poppins LOA robots.

Si saysOkay. Like I said “hinted” … so I don’t know and really would not want to assume.

Yes, I can’t think of any reason to use your credit card for anything … sans buying your own coinage if you want to read someones article and they charge for it.

Si saysNope. Just regular people, among them my own Mom and Dad. If you want to call your sister closed minded, that’s your business. People don’t talk and write like you (and others) have done here. It’s not human.

Mark de LA saysThey never expressed it to me. Maybe you are just sorting for agreement in your mental filtering. Maybe your attitude attracts my comments , as it is doing now! What excites &/or repels you is fairly personal to you & may/xor-not carry over to any other particular random human on this Earth.

Mark de LA says#done on this thread.

Si saysNope. There are 11 years of it before I even got involved. Same stuff. You (and Seth) simply included me when I came, that’s all.